Fiduciary Clawback Rights Clause Samples

Fiduciary Clawback Rights. The Shares shall be subject to automatic forfeiture to the Company if at any time during the period that the Grantee serves as a director of the Company and upon the termination of the Grantee’s service as a director and for a period of three years thereafter if there is (i) any breach of any of the Grantee’s fiduciary duties as a director to the Company or (ii) any material breach of Company policy or procedures which causes harm to the Company, as determined by the Board of Directors of the Company or the compensation committee, if any, thereof (collectively, the “Fiduciary Clawbacks”). In the event of a Fiduciary Clawback, the Grantee shall forfeit the Shares to the Company within 90 days of the occurrence of a breach pursuant to (i) or (ii) herein.